SARS E-Filing 2016

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So I went from getting R7000 back from SARS to owing them R6000... I filed a dispute, can't wait to hear what they saying
 
Sold some of my personal belongings in classifieds on various forums this last year, upgraded my computers(sold old ones), changed camera system etc. Totalled around R25k, does that income need to be stated on your return?

Being taxed on that income would be double taxation though?
 
I got this info now from FNB :

We omitted a portion of your dividends received on your dividend statement for the 2015-2016 tax year. We have identified the reason for the omission and will be issuing new corrected dividend statements by the 22nd of July 2016.

And I submitted my TAX last Friday. (Perfect timing FNB .... really) :(
 
airborne said:
Sold some of my personal belongings in classifieds on various forums this last year, upgraded my computers(sold old ones), changed camera system etc. Totalled around R25k, does that income need to be stated on your return?

Being taxed on that income would be double taxation though?
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I don't think you need to declare things you sell ! (That is my view)
 
zerocool2009 said:
I don't think you need to declare things you sell ! (That is my view)
Click to expand...


You do but only if the asset is more than R25k as far as I recall. On mobile.

In most instances there would not be a profit as the cost price is taken into account as well.
 
signates said:
You do but only if the asset is more than R25k as far as I recall. On mobile.

In most instances there would not be a profit as the cost price is taken into account as well.
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So if you sell your car and make a profit you need to declare that ?
 
zerocool2009 said:
So if you sell your car and make a profit you need to declare that ?
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I confirm the following:

Then you don't really need to declare it as cars are not considered a capital gain if you are not doing this as a business. (This is from TAX guru's)

And then they said:

Selling your own car is not considered a capital as it is a personal asset. Three cars in ten years is not considered a revenue generating scheme either.
 
If one sells shares at a massive loss can it count as a tax deduction, or does it only count in relationship to CGT to reduce your tax you would have paid on CGT, and if you don't pay any CGT a loss is non-deductible?
 
Rocco1 said:
If one sells shares at a massive loss can it count as a tax deduction, or does it only count in relationship to CGT to reduce your tax you would have paid on CGT, and if you don't pay any CGT a loss is non-deductible?
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I got documents from an investment company who sold shares for me (and then they bought again others), and I declared that as a loss in the CGT section on my tax return.

Just complete the values : base cost and proceeds.

The SARS engine works out that you made a loss / profit from the above specified values
 
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signates said:
You do but only if the asset is more than R25k as far as I recall. On mobile.

In most instances there would not be a profit as the cost price is taken into account as well.
Click to expand...
Meaning if a single asset worth over R25k(considering the price of hobbies these days, cycling, cameras etc it's quite easy to reach that range), you need to declare the income? Whether a profit or loss?

But a number of smaller personal items sold even if totalling over R25k added together you do not need to declare the income?

And what about the paperwork, you buy say a 2hnd bicycle for R35k, spend R15k upgrading it and then sell for R40k , now do I need a file stuffed with invoices and info regarding these purchases? What a pita
 
airborne said:
Meaning if a single asset worth over R25k(considering the price of hobbies these days, cycling, cameras etc it's quite easy to reach that range), you need to declare the income? Whether a profit or loss?

But a number of smaller personal items sold even if totalling over R25k added together you do not need to declare the income?

And what about the paperwork, you buy say a 2hnd bicycle for R35k, spend R15k upgrading it and then sell for R40k , now do I need a file stuffed with invoices and info regarding these purchases? What a pita
Click to expand...

Read my reply please !
 
Hi Guys,

Quick question, did my 2016 submission on the 2nd of June 2016, got automatically flagged for an audit required supporting documents, which were then submitted on the same day.

Received a Letter of Completion on the 14th of June 2016 accepting my original assessment without any changes required, which showed a refund due to me...... (I know this normally takes anything from 24 - 48 hours with a maximum of around 21 Days)

However decided to give the Call center a buzz this mornings as sometimes they can see on the system if payment is loaded.... SARS Agent then confirms yes, he says refund is due but there is no payment date loaded as yet as he sees a system note stating further verification. He proceeds to explain to me that even though the Audit has been completed it now goes for further verification which can take anything up to 60 days from the 14th of June 2016.

Anyone else have experience with this secondary verification process even after an audited has been completed with a Letter of Completion and an Statement of Account showing refund due?

Thanks guys!
 
zerocool2009 said:
Read my reply please !
Click to expand...
I'm not sure what you are referring to and how qualified/experienced are you to dish out advice?
Just asking.
airborne said:
Meaning if a single asset worth over R25k(considering the price of hobbies these days, cycling, cameras etc it's quite easy to reach that range), you need to declare the income? Whether a profit or loss?

But a number of smaller personal items sold even if totalling over R25k added together you do not need to declare the income?

And what about the paperwork, you buy say a 2hnd bicycle for R35k, spend R15k upgrading it and then sell for R40k , now do I need a file stuffed with invoices and info regarding these purchases? What a pita
Click to expand...
Can someone take a stab at answering my questions please.
 
So I've gone from being paid R11K to owing SARS R13K.

Dispute time. F**kers
 
Quick question. I only worked for a company for 2 months in the current tax year (Jan and Feb) and got a reimburse travel allowance. However, only some of the claim for the 2 months is reflected on the IRP5, as February's claim was only paid in March. My logbook obviously shows the mileage in February though. Must I request my employer to fix it or can I just roll February's amount into the next tax year (I know you are taxed at earlier of receipt and accrual though..)
 
SAdata said:
Quick question. I only worked for a company for 2 months in the current tax year (Jan and Feb) and got a reimburse travel allowance. However, only some of the claim for the 2 months is reflected on the IRP5, as February's claim was only paid in March. My logbook obviously shows the mileage in February though. Must I request my employer to fix it or can I just roll February's amount into the next tax year (I know you are taxed at earlier of receipt and accrual though..)
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The impact of this is potentially so small and not really worth it to get the employer to reissue an IRP5. I would only fill in the km that is affected and the balance can still be claimed for next year.

Sent from mTalk
 
Harleysa said:
Hi Guys,

Quick question, did my 2016 submission on the 2nd of June 2016, got automatically flagged for an audit required supporting documents, which were then submitted on the same day.

Received a Letter of Completion on the 14th of June 2016 accepting my original assessment without any changes required, which showed a refund due to me...... (I know this normally takes anything from 24 - 48 hours with a maximum of around 21 Days)

However decided to give the Call center a buzz this mornings as sometimes they can see on the system if payment is loaded.... SARS Agent then confirms yes, he says refund is due but there is no payment date loaded as yet as he sees a system note stating further verification. He proceeds to explain to me that even though the Audit has been completed it now goes for further verification which can take anything up to 60 days from the 14th of June 2016.

Anyone else have experience with this secondary verification process even after an audited has been completed with a Letter of Completion and an Statement of Account showing refund due?

Thanks guys!
Click to expand...

Anyone with a some experience on this secondary verification process? Thanks guys much appreciated.
 
airborne said:
I'm not sure what you are referring to and how qualified/experienced are you to dish out advice?
Just asking.

Can someone take a stab at answering my questions please.
Click to expand...

LOL

Ok, go to www.taxtim.co.za (they have millions of questions that people who don't know ask them).

One of them was related to a car being sold. I took that section and posted in here for who ever is worrying about CGT

In other words, I can now sell my car for R500 000, and I bought it for lets say R300 000 (and not pay tax on the profit)

If I where a car dealer on the other hand, yes, then CGT comes into play

Anyway, find out and PM me please (would love to hear if I am right or wrong)
 
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